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Malaysia Australia Business Council 2023 pre-Budget Statement

9 October 2023

The Malaysia Australia Business Council (MABC) anticipates the release of the Malaysian government’s 2023 budget, as we announce our list of desired outcomes to promote cooperation between Australia and Malaysia. The MABC desires to see engagement and collaboration between the two nations fostered through the implementation of our suggestions.

We hope that the Unity Government will consider the following proposals in their 2023 budget:

  1. Funding for Business Councils and Chambers of Commerce:Financial funding support to the various Business Councils and Chambers of Commerce operating within Malaysia will significantly increase the capability and effectiveness of these organisations. We are the chambers facilitating investors and members in business matching, leading to investment, trade and employment in Malaysia. Ultimately driving Malaysia into a high-come nation by 2026, as our Economy Minister Rafizi Ramli suggested.
  2. Increased Investment in Productivity: Digitised and simplified market entry in line with global trends. This will boost domestic market appeal, simplify business processes, and align with global leaders.
  3. Policy and Regulatory Reforms: To adopt regulatory reforms that meet global benchmark standards. Embracing this goal will ensure that Malaysia remains at the forefront of international business standards and can continue

Implementing these suggestions will enhance the MABC's and other Business Councils' ability to attract international partners, generating billions of Ringgits in MoUs within a year, resulting in substantial job creation and economic benefits for Malaysia.

In ‘Invested: Australia’s Southeast Asia Economic Strategy to 2024’, Australia’s Department of Foreign Affairs and Trade valued two-way trade between Australia and Malaysia at AUD $33.5 billion and two-way investment at AUD $30 billion for 2022. These figures highlight the strong economic benefit that greater collaboration with Australia can bring to Malaysia’s domestic prosperity.

Australia remains an eager and trustworthy business partner for Malaysian companies, and the MABC is eager to see the bilateral ties between both states deepen. We hope that the Unity Government will consider our suggestions in their budget discussions.  

For more information about the Malaysia Australia Business Council, please contact:

Email: mabc@mabc.org.my

Phone: +603 7960 9490

Website: www.mabc.org.my

Linkedin: https://www.linkedin.com/company/malaysian-australia-business-council/